Viewing Expert

Gerard Ferguson , CEO & Portfolio Manager

Jemekk Capital Management

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Markets. With uncertain economic data and what Trump will do, there is a lot of uncertainty. He is becoming more defensive. He has reduced some long positions and increased some short positions. There are long opportunities, but you have to be a stock picker. It is not about sectors, but stocks. Canada is very cyclical. There are more opportunities in the US, but you will find a greater rate of return in Canada. He has about 20% in cash. He has a lot more put protection in the market now. It is very hard to use hard stops on core positions. 10-20% of his portfolio is normally shorts. He also does pairs trades.

It is a cyclical stock. It is benefiting from a dramatic increase in passenger traffic. We have low fuel prices and the US dollar both benefitting them. He thinks they will issue a surprise dividend at their investor day in September. (Analysts’ target: $20.50).

They are moving to the big board. It is probably the third Marijuana company to be listed on the TSX. He thinks this won’t attract more investors internationally. This is a step along the maturation phase for this company and for the industry. This company also has a lot of convertible debt.

(Top Pick Apr 4/17, Up 12.67%)There are typically more accidents in some weather conditions and this benefits the stock. They are a consistent performer year after year. Self driving cars are seen as a long term risk to this business, but that is 10-15 years out. Shorter term there is currency risk. From an operations point of view they have done an excellent job. He expects double digit rates of return as they continue to acquire and increase store locations.

Since it split they have also done an equity issue. There was some insider selling. The market should digest that quickly. They have done a fantastic job for a long time. It is an acquisition driven story.

One of Canada’s greatest success stories. It is common to sell too early in this name. They have impressed in terms of their store roll out and have outperformed their US peers. He thinks they will continue to deliver. Stocks don’t go up forever and will eventually pull back so you can get it again. He thinks it will split, but this won’t increase value for the investor, however.

The retail space is a very difficult space. The core of their business is retailing, but the story is about retail and acquisition. As a real estate company they are getting near the bottom. but as a retailer there is really very little value. He does not like any retailers.

Uranium. It has been an enticing sector for 15 years, but they have chronically disappointed. You can get surprises in the exploring space. This one is one of them. They are well capitalized. This project will take a couple more years. but it will be a world class mine. There may be players interested in taking them out.

(Top Pick Apr 4/17, Up 17.84%)They reported a strong quarter. They had gone through a restructuring and now they are focusing on operating as expected. They are going to expand the current project and then move onto new ones.

They had a great move, but it is not cheap. It is really a Canadian success story and there is room to grow. It is a name that people sell when they rotate out of the space. There is a floor around their recently equity issue. It is his largest position in the fund. They have shown their ability to deliver.

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